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All Forum Posts by: Pancham G.

Pancham G. has started 13 posts and replied 165 times.

Post: New Member from NYC / Long Island, New York

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@rohun pai. 

Welcome to BP from a fellow long island area member. You are taking a pretty big step by quitting your job. Good luck. Where in long island are you moving to? 

Here are some tips to get you going on the site.

http://www.biggerpockets.com/starthere

http://www.biggerpockets.com/ubg - Ultimate Beginners Guide

http://www.biggerpockets.com/meet - Meet different people

Setting up Keyword Alerts 

How to Use @Mentions on BiggerPockets

25 Tips for Real Estate Success

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

http://www.realestate.com/advice/buying-your-first...

Post: New BiggerPockets user from Long Island, NY

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@Account Closed


Welcome to BP! You will have plenty of opportunity here to meet all kinds of investors... I am from Long Island area and live in Jericho. Would love to know more about the services you provide. I have requested information online. We can even connect over a coffee one of these days. 

Post: Financial Doom to happen on September 2015. Do you believe this?

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@Alexander A.

 Good news is that its only a month and half away! We don't have to wait too long to find out :)

Post: What insurance do you purchase on your flips?

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@Jacob Smith

Welcome to bigger pockets! Great place to be for REI...

We use affinitygm.com. They have different types of programs. I suggest calling them and seeing if you can work something out. I've found the rates fairly reasonable.

@Kenneth Hynes

 Yes it does increase the expenses on a couple of fronts. One you have to get the cleaning done. In this particular setup, you have to get it done twice in a week. Once for the weekend guests on Friday and then on Sunday. But we pass this onto the guests.

Second, you need to furnish it.

Third, you have to pay for the utilities.

But you get more revenue as well... So, in a nutshell, if you have a good number of weekend bookings, it will be worth it.

UGA has a very vibrant professional crowd. Professional come during the week and go back home during weekends... 

Originally posted by @David Krulac:

@Pancham G.

Good to see you, and see that you are on the success path.  Have you finished reading the book?  How about your business partner?

Trying to follow your footsteps and learning from the best :) Both me and my partner have not finished it yet. Reading everyday on the commute and loving it. You will be the first one to know about my review :)

Just reviving this thread so that I can give an update...

As of this week, my wife and I own this condo! This is our first vacation rental and purchased right off Bigger Pockets! We are very excited and nervous at the same time.

Thanks to @Jack Tucker and @Steve Duffee for being patient throughout the process. I will be posting a separate thread with detailed numbers and the progress on this. I will put a link to the thread here as well.

Initial numbers:

Purchase price: 135k.

Currently we have 3 rooms rented for 350$ each i.e. 1050$/month. Need to get the other 2 rooms rented. Summer is usually the slow time of the year. Hoping to fill this in soon as the school season starts.

We have about 5 weekends rented out in the near future (still working on moving those reservations to the new listing).


Feel free to chime in and ask any questions you might have... 

Post: Using propertyshark to find liens or issues when buying

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@Kellen Bradford

 my wife has been a premium member of property shark for quite sometime. We have used it before auctions to get the attorney information and the 1st lien amounts, etc but I wouldn't just go by the information on it. It does not replace the title search. It is a good site and I would use it just as one tool in the toolbox but not exclusively before bidding. Hope that helps. 

Post: My Birmingham Beauty- First Turnkey- PICS

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@Rollan Dizon: Big congrats!!! This is a just a beginning... 

Post: How to get rid of Mice?

Pancham G.Posted
  • Investor
  • Jericho, NY
  • Posts 171
  • Votes 148

@Vijay Kethireddy: You can use the copper wool (see link) to block all the openings. http://www.amazon.com/s/?ie=UTF8&keywords=copper+w... It takes a trained eye to spot all the places where the mice can come from. Exterminator once told me that mice can get in from any small opening. 

Also, I have used Orkin's mice traps. Put some peanut butter on them and place it in all the spots where you see mice droppings. And thats it... wait and watch. This will work in 99.99% of the cases.

BTW... i saw that this is your first post...

Welcome to BP from a fellow tri-state area member. Here are some tips to get you going on the site.

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

http://www.realestate.com/advice/buying-your-first-investment-property/